Is 56716, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 56716 has remained a Buyer's Market.
Key Takeaway
56716 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 56716, MN
How much do homes in 56716, MN cost?
Median Sold Price
$182,500
$91/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 56716 have sold for 8% more than they did a year ago.
Summary: The median home sold price in 56716 was $182,500 in April 2024, up 8% from last year, and the median price per square foot was $91.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $102.7K | N/A |
| 2 Bedrooms | $103K | $121.7K | +18.2% |
| 3 Bedrooms | $165K | $168K | +1.8% |
| 4 Bedrooms | $205K | $239.7K | +16.9% |
| 5+ Bedrooms | $185K | $203.5K | +10.0% |
Summary: 56716 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 16.9%, and 5+ bedroom homes increased by 10%.
Housing Supply in 56716, MN
How many homes are available in 56716, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 24 | +33.3% |
Summary: The 56716 real estate market had 24 homes for sale in April 2024, a 33.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 8 | 13 | +62.5% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 56716 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 62.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 56716, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in 56716 in April 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for 56716, MN
How long does it take to sell a home in 56716, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 240 Days | 150 Days | -37.5% |
Summary: Homes in 56716 had an average of 150 days on market in Apr 2024, down by 37.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in 56716 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During April 2024, 1 homes were sold in 56716; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
